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A Tishman Speyer-led team plans to break ground on a 700,000-square-foot development that would replace a Peabody medical device company’s longtime headquarters.

The 60-acre site at 8 Centennial Drive contains the 515,000-square-foot Analogic Corp. headquarters, including office and manufacturing space.

After receiving approval for a four-building distribution center redevelopment, Tishman Speyer and its partner Mitsui Fudosan America acquired the property this week for $77 million, according to an Essex County deed.

Burlington-based developer R.J. Kelly Management sought approval of a development plan for an Amazon last-mile delivery station in 2022, but the e-commerce giant has since scaled back its real estate expansion.

Tishman Speyer said the larger new development plan reflects demand for new distribution facilities in the Route 128 north suburban submarket.

The development will include four buildings ranging from 130,000 to 260,000 square feet, with flexible and subdividable floor plans designed for a range of industrial tenants. The project will include 700 parking spaces and 90 trailer storage stalls.

Analogic Corp. did not return a message on its relocation plans.